Fortinet (NASDAQ:FTNT) Price Target Lowered to $68.00 at Royal Bank of Canada

Fortinet (NASDAQ:FTNT) had its price target cut by stock analysts at Royal Bank of Canada from $71.00 to $68.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “sector perform” rating on the software maker’s stock. Royal Bank of Canada’s price target points to a potential upside of 15.49% from the stock’s current price.

A number of other brokerages also recently issued reports on FTNT. Susquehanna reiterated a “neutral” rating and set a $80.00 price objective on shares of Fortinet in a research note on Wednesday, April 3rd. BMO Capital Markets increased their price target on shares of Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 7th. Truist Financial decreased their price objective on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Friday. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, April 18th. Finally, UBS Group lifted their price target on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, January 10th. Two equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $70.68.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $58.88 on Friday. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. Fortinet has a 12-month low of $44.12 and a 12-month high of $81.24. The company’s 50 day moving average price is $67.53 and its two-hundred day moving average price is $61.90. The firm has a market cap of $44.94 billion, a PE ratio of 38.48, a PEG ratio of 2.61 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.29 EPS. Equities research analysts predict that Fortinet will post 1.4 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Fortinet news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders sold 118,480 shares of company stock valued at $8,021,556 over the last quarter. Insiders own 17.54% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several institutional investors have recently made changes to their positions in FTNT. Geneos Wealth Management Inc. raised its stake in Fortinet by 220.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 34,378 shares of the software maker’s stock worth $2,348,000 after buying an additional 23,643 shares during the period. Valley Wealth Managers Inc. raised its position in shares of Fortinet by 18.5% during the first quarter. Valley Wealth Managers Inc. now owns 5,589 shares of the software maker’s stock worth $382,000 after purchasing an additional 871 shares during the period. Signaturefd LLC lifted its holdings in shares of Fortinet by 42.0% in the 1st quarter. Signaturefd LLC now owns 15,084 shares of the software maker’s stock worth $1,030,000 after purchasing an additional 4,461 shares in the last quarter. Mediolanum International Funds Ltd acquired a new stake in Fortinet in the 1st quarter valued at $14,847,000. Finally, GSA Capital Partners LLP bought a new stake in Fortinet during the 1st quarter valued at $569,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.